"Mitch is ready to do it and so are the actors. So we're very excited about that," Grazer said.

"Arrested Development" originally aired on Fox from 2003-2006 but was cancelled due to low ratings. It has since become a massive cult hit and a favorite among TV critics.

The series was brought back this year for a fourth season consisting of 15 episodes streaming on Netflix. The new season was met with a mixed reception from critics and viewers.

It's not known how many people tuned in to the fourth season, as Netflixdoes not release such numbers, but Grazer said the new episodes were deemed a success by Netflix executives.

There were initially talks of an "Arrested Development" film following the fourth season, but Hurwitz has since downplayed that idea and it looks more likely that we'll see season 5 episodes in our Netflix queue before a movie adaptation comes to theaters.

Tell us: Do you look forward to another season of "Arrested Development"?